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Weekly Tech Charts & Report - Feb. 7 - by TradesAfterWork

Subscribers Special Report

Posting this to share with our readers: (We really like these Weekly Technical Briefs by TaW)

The weekly chart of the Nasdaq Composite Index is showing that this week we made up for the losses from the week prior. Not only was the Composite down that previous week, but on its daily chart the Moving Average Convergence (MACD) had crossed down too indicating a slowing down in price momentum. That has all changed with this weeks action with both the daily and weekly MACD now positive.
The S&P 500 Index weekly chart looks very similar to the Composite's weekly chart. This index is showing that the bulls are in control with daily and weekly MACD's positive. The price action has been very strong and is making it clear that the trend and line of least of resistance is go higher.
The Micro-Caps are showing that the appetite for risk is alive and well and increasing. The index ($IWC) was up over +8.02% as you can see highlighted in yellow. This is an indication of a very strong market and that pullbacks, as of this writing, are to be respected as opportunities to buy more stocks.

Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal.

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